On Uber’s roadshow to pitch itself to institutional buyers (there’s no “homeshow” this time round), Mr. Khosrowshahi has damaged with Mr. Kalanick’s worldview that Uber is competing in a winner-take-all market. Trip-sharing might be a “winner-take-most” sport, as Mr. Khosrowshahi places it, in line with individuals acquainted with his presentation.
He has additionally embraced the concept that his firm is like Amazon — a logistics large within the making. His pitch casts Uber’s sustained losses as each an try to defend its present market share from rivals whereas concurrently investing in Uber’s future progress.
That story seeks to border Uber as a know-how “platform.” Trip-hailing, the pondering goes, is a mere jumping-off level for different markets, like bikes and scooters, meals supply, long-haul trucking — even flying automobiles. “Identical to Amazon sells third-party items, we’re going to additionally provide third-party transportation companies,” Mr. Khosrowshahi stated in an interview final yr.
Nonetheless, Uber has no clear path to turning a revenue within the subsequent few years, and the dangers part of its registration assertion runs to 48 pages, out of 285 whole. Shares of Lyft, its nearest competitor, have fallen some 26 p.c since their March debut.
Uber’s bankers appear to have internalized the doubts. After initially focusing on an I.P.O. opening vary of roughly $48 to $55 per share, Uber lowered expectations to roughly $44 to $50 per share at a valuation of $80 billion to $91 billion — considerably decrease than the $90 billion to $100 billion vary it initially sought.
Regardless of all Mr. Khosrowshahi has achieved to distance Uber from its founder, Mr. Kalanick stays intimately related to the corporate he constructed. He stays on Uber’s board, and Mr. Khosrowshahi has proven no indicators of agitating for a shake-up of the group within the months following an I.P.O., as some had anticipated he would.
Associates of Mr. Kalanick say that he feels unfairly focused by Uber’s I.P.O. paperwork, and its implicit criticisms of his management. And each time Mr. Khosrowshahi makes use of the phrase “tradition,” Mr. Kalanick considers it a thinly veiled synonym for his reign, in line with individuals acquainted with his pondering. They add that Mr. Kalanick hopes that his successor will use the I.P.O. to bury the hatchet between the 2 males, and mark a brand new chapter in Uber’s historical past. Even former enemies on the board, like Matt Cohler of Benchmark, have spoken in favor of Mr. Kalanick’s involvement, in line with a report from Axios.